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MTD well underway

by | Jun 6, 2019 | ACCA, business issues, VAT

The latest guidance now the first quarter is well underway. The first quarter is now well underway, covering 1 April to 30 June. VAT 700/22: Making Tax Digital for Vat has been updated with guidance on a number of areas added, covering supplier statements, petty cash...

VAT return adjustments

by | May 24, 2019 | ACCA, VAT

New rules from HMRC will affect how VAT returns are adjusted. Draft regulations from HMRC will change Regulation 38. The changes are designed to ensure that businesses can only adjust their output tax where there has been a genuine price reduction and they have...

MTD – getting it right first time

by | Apr 3, 2019 | ACCA, VAT

If you have yet to act, follow our guidance to avoid any last minute chaos. Businesses will be filing their last VAT return under the old filing system for their March 2019 month/quarter end. If they are not using any software, they must maintain digital records from...

HMRC fails to have its cake and eat it

by | Mar 25, 2019 | ACCA, VAT

HMRC loses £300k ‘chocolate brownie’ VAT case. In Pulsin’s Ltd  v HMRC (TC06909) (28 December 2018) the first-tier tribunal allowed the company’s appeal against HMRCʼs decision that zero-rating did not apply to its supplies of ‘raw choc brownies’. The tribunal was...

VAT on commercial property

by | Mar 18, 2019 | ACCA, property taxation, VAT

An overview of key issues including ‘option to tax’. The sale or lease of a commercial property can be standard rated, zero rated, exempt or even outside the scope of VAT depending on its nature. Commercial properties can be used for various purposes such as: to use...

MTD for VAT – exemptions and deferrals

by | Mar 7, 2019 | ACCA, VAT

The starting line is only a few weeks away but do all of you need to be involved on 1 April? MTD for VAT seems to have been in the pipeline for a long time now and most businesses will be only too aware of the basic rules. From April 2019, most VAT-registered...